MNI China Daily Summary: Tuesday, October 8

MNI BRIEF: Japan's Sept Sentiment, Outlook Indexes Fall

MNI BRIEF: China Local Govs To Speed Up Fiscal Spending

MNI: PBOC Net Drains CNY886.9 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.0709 Tues; +4.18% Y/Y

CHINA PBOC CONDUCTS CNY41.7 BLN VIA 7-DAY REVERSE REPOS TUES

MNI: US REDBOOK: OCT STORE SALES +5.3% V YR AGO MO

MNI: US AUG TRADE GAP -$70.4B VS JUL -$78.9B

US NFIB SEP SMALL BUSINESS INDEX 91.5

CANADA: Politics Week: Parliament Opens With Early Election Threats

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

JAPAN DATA: Y/Y Earnings & Spending Edged Down In August

JAPAN DATA
APACJapanData BulletBulletGlobalFixed Income BulletsForeign Exchange BulletsRegionMarkets

Japan labour cash earnings for August were reasonably close to expectations. The headline nominal measure rose 3.0%y/y against a 2.9% forecast and a 3.4% July outcome. In real terms we were -0.6%y/y, against a 0.5% forecast and prior 0.3%. 

  • Same sample base cash earnings were 3.1% y/y, against a 4.7% prior outcome (the consensus was 3.2%). On scheduled full-time pay, we were 2.9%y/y in same base terms, against a 3.0% forecast, which was also the prior outcome.
  • In terms of the detail, contracted earnings were 3.0%y/y, while bonus payments were 2.7% y/y, down from the 6.6% pace seen in July.
  • On the same sample basis, part time payments picked up to 4.1% y/y, 3.1%, while full time edged down.
  • Employment was 1.2% y/y, same as July. Hours worked were -0.6% y/y, against a 0.3% July outcome.  
  • Real household spending was down -1.9% y/y, not as much as forecast (-2.6%). The chart below plots spending (white line) and real cash earnings in y/y terms. Note spending was up 2.0% in m/m terms. Real incomes rose 2% y/y, nominal income was up 5.6%y/y.
  • The trends around labour cash earnings and spending still appear positive, albeit somewhat volatile in y/y terms. It's unlikely to shift near term BoJ thinking, while the new Japanese government remains focused on driving positive real wage gains. 

Fig 1: Japan Labour Earnings & Spending Pulled Back In August 

Keep reading...Show less
235 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Japan labour cash earnings for August were reasonably close to expectations. The headline nominal measure rose 3.0%y/y against a 2.9% forecast and a 3.4% July outcome. In real terms we were -0.6%y/y, against a 0.5% forecast and prior 0.3%. 

  • Same sample base cash earnings were 3.1% y/y, against a 4.7% prior outcome (the consensus was 3.2%). On scheduled full-time pay, we were 2.9%y/y in same base terms, against a 3.0% forecast, which was also the prior outcome.
  • In terms of the detail, contracted earnings were 3.0%y/y, while bonus payments were 2.7% y/y, down from the 6.6% pace seen in July.
  • On the same sample basis, part time payments picked up to 4.1% y/y, 3.1%, while full time edged down.
  • Employment was 1.2% y/y, same as July. Hours worked were -0.6% y/y, against a 0.3% July outcome.  
  • Real household spending was down -1.9% y/y, not as much as forecast (-2.6%). The chart below plots spending (white line) and real cash earnings in y/y terms. Note spending was up 2.0% in m/m terms. Real incomes rose 2% y/y, nominal income was up 5.6%y/y.
  • The trends around labour cash earnings and spending still appear positive, albeit somewhat volatile in y/y terms. It's unlikely to shift near term BoJ thinking, while the new Japanese government remains focused on driving positive real wage gains. 

Fig 1: Japan Labour Earnings & Spending Pulled Back In August 

Keep reading...Show less